Growing a not for profit is a beautiful and exciting thing, making a greater impact for your cause has always been your dream. But as your not for profit grows so does the need for a clear financial strategy and a trusted business partner so your NFP can thrive now and into the future as you make an even greater impact for the cause you are so passionate about.
For many cash conscious not for profits, this need is often neglected because they are too focused on supporting their cause and the operations of their NFP or they simply just don’t have a funds to support such a role. The solution? A virtual CFO.
As the name suggests, they are a virtual extension of your team specifically tasked with providing financial leadership and strategic business advice & expertise for your organisation. But instead of being an employee of yours, they work remotely and are engaged on a contract basis so you only pay for what you need.
Here are a few services a virtual CFO will provide:
Until recently, a CFO’s expertise and strategic advice wasn’t even available to small to medium NFPs, because they were simply just too costly to employ.
But thankfully, things are changing; through technology the CFO service has finally been democratized and made available to organisations of all shapes and sizes.
Now that you understand what is a virtual CFO and the benefits they bring to your organisations, you are probably wondering does my not for profit need one?
Many in the NFP space wonder whether they need a CFO or not, particularly in the small to medium NFP because aren’t CFO’s for big corporations with revenue in the tens of millions of dollars?
The short answer is NO, but I don’t blame you for thinking that way because traditionally CFO services were only afforded by big corporations; its not that others didn’t need it, it just that they couldn’t afford it but now with our Virtual CFO, you can access the same level of expertise without the price tag.
You are probably wondering, does my NFP need a virtual CFO right now?
Here are some indicators that it may be a good time to hire a virtual CFO for your NFP:
Through engaging the service of a virtual CFO you will be able to access a highly qualified finance professional at a FRACTION of the cost and responsibility of employing someone of the same experience and expertise.
You save not only on the salary & super but all the related on costs like
…loss of productivity due to annual leave or sick leave
…need to pay for long service leave.
On top of saving money, it also means that you will get access to a potentially more qualified individual than you would if you were to just employ someone.
A virtual CFO may be the key to unlocking the full potential of your NFP (and in turn make an even greater impact) by increasing productivity, saving money, providing financial leadership because now you can focus on what matters to you.
If the lack of financial expertise and leadership may is inhibiting you from making timely & informed decisions, working with a virtual CFO may be a good idea.
To take the first step in exploring a virtual CFO relationship, schedule your free call with us today to discuss how we may be able to help.